All Forum Posts by: Ron S.

Actually the downriver area just south of Detroit in Southgate Wyandotte Riverview area is a great place for rentals. They are about a 20 minute car drive from the City. This area can easily produce 20% returns on your money. But it is getting harder to find the better deals as pricing has increased alot in the last year. I am currently in a highest and best offer on a home in this area now.

It is 10% down for Investor loan if its not going to be your primary residence. No PMI or appraisal required. Although you will have a slightly higher interest rate about .25 percent higher. Owner occupant loan has now been changed from 3% to 5% down.

If you check out Fannie Mae properties you can use homepath financing and get investor loan for only 10% down. The website is homepath.com You will pay a slightly higher interest rate, The advantages are no appraisal or pmi insurance. For example I am currently looking into one myself and I can get 30yr fixed at 5.0% which is still a great rate. You do have to watch pricing though some properties they list I believe too high and some are priced well. . They will do a price reduction usually 10% every 30 days on homes that dont sell quickly. The Fannie houses are worth keeping an eye on.

Thanks Steve! Yes I have checked and you can rent the condo out.

Hello was considering a possible condo purchase. The condo is a 2bed 2bath first floor unit. Its in a good area and needs minimal rehab- new carpet and paint. Probably 2k in rehab- unit has all appliances included that are on the newer side. . Looks like I have a decent chance of getting condo under contract for 28k. These condos sold for 100k range in the best of times. And they sold around 20k a few years back in the worst of time. Also includes carport and basement storage plus condo has community pool. The HOA fees are $225 monthly. (includes water, gas and exterior maint.) The yearly taxes are 2000. And assuming insurance around 500 yearly. which would put total costs at $435 monthly for HOA +taxes and insurance. I would be able to safely rent between 800-825 monthly. What are your thoughts. I know alot of negative might come out of this because its a condo. And I also checked complex you can mortgage conventional there but no fha. Just checking for resale down the road. Just a little worried about appreciation with condos and being harder to sell down the road. Have only had SF homes. But not spending a fortune for the place and no exterior maint. for me! Thanks for reading....

thanks for the replys the property is a hud so wont be able to use the homepath financing.

Hello was wondering if there is any way to buy my primary home with less than 20% down without paying pmi? I am considering moving and dont want to put 20% down but also dont want to pay pmi what are my options? I have great credit 790 Fico score dont know if that will help? Home is not in Rural area so cant do usda loan.

Does anyone know if you had form 8582 for passive losses when irs Is accepting these returns?

Thanks Ken! So it is possible to get 6 percent great info! I am also buy and hold so price is not a huge concern either.

Thanks Ken doesnt sound bad I like the idea of using less money to get in and asking for seller concessions to offset some fees. The properties that i am bidding on are in the 50k range so a small interest rate hike isnt going to make much difference in payment. Also how much did you get back 3 percent concessions???